logo-loader

European Wealth Group's acquisition of Newbridge called off by mutual consent

Published: 17:15 07 Jun 2018 AEST

No sale sign on old cash register
Newbridge has informed FINRA that the transaction has been officially terminated

The proposed acquisition of Newbridge Corporation by European Wealth Group PLC (LON:EWG) has been called off by mutual consent.

The acquisition of the US fund platform had been okayed by the US regulator, FINRA, allowing European Wealth to proceed with the final stages of due diligence to assess whether the remaining (non-regulatory) closing conditions could be fulfilled to the satisfaction of the board of EWG.

READ: European Wealth Group seeing benefits already from recent restructuring​

“EWG and Newbridge have not been able to come to an agreement on these conditions and have mutually decided not to proceed with the proposed acquisition. Newbridge has informed FINRA that the transaction has been officially terminated,” a statement from EWG revealed.

"While we have decided not to proceed with the acquisition of Newbridge, we remain committed to our strategy and are ambitious to grow both organically and dynamically by acquisition in the US and Europe,” said Marianne Ismail, the chief executive officer of European Wealth Group.

"Since my appointment in September, we have conducted an extensive strategic review of the operating businesses and put in place a significant number of positive measures to position the group for growth, to markedly reduce operating costs and to grow AUM [assets under management] and recurring fee income,” she added.

"As a result of the recent fundraising the group is debt free and well-positioned to take advantage of the long-term growth opportunities present in the global wealth management and financial planning market."

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

6 hours, 11 minutes ago